Hat Retailer To Expand in Times Square

Lids, a popular seller of reasonably priced caps, plans to open two additional stores in the tourist-filled neighborhood By Adrianne Pasquarelli Cap retailer Lids is saying “hats off” to Times Square. The company, a division of Nashville-based Genesco Inc., recently signed two leases in the tourist-filled neighborhood, bringing its store count in the neighborhood to four. This spring, Lids will open a 1,000-square-foot Seventh Avenue shop at 2 Times Square, between West 47th and West 48th streets, in the same building where the retailer already has an outpost that opens onto Broadway. In the summer, Lids plans to open a 1,340-square-foot spot at 1501 Broadway, between West 43rd and West 44th streets. The retailer, which already has five stores in Manhattan, including two in Herald Square and one at South Street Seaport, is planning further growth into other high-trafficked areas, including Union Square, Grand Central and Penn Station. “There's something nice about the price point that's a big factor with tourists,” said Stephanie Snyder, the Crown Retail Services director who, along with colleague Haim Chera, handled both transactions on behalf of Lids. She added that Lids has a strong Times Square business for its $16 to $40 hats. “It's something you can say you got in New York—there's a thrill there.” Last week, Genesco, which acquired Lids six years ago, posted strong results from the quarter ending Jan. 30. The company reported a profit of $25.8 million for the quarter, an 11% increase over the year-earlier period. Sales for the quarter were up 6% to $479 million, and same-store sales at the Hat World Group, of which Lids is a part, rose 6%. Genesco also owns teen brand Journeys and apparel and footwear seller Johnson & Murphy.